Net Worth

[Maddog55]

What's your net worth and at what level would you quit working?

[78si]

Another beyond pissing contest Waiting for MYWYFSHOT

[ScottysZ]

Hahah im probably at about $25,000 all in right now. The life of a student.

The point where you could quit working will likely depend on how old you are as well and how long you need your money to support you for, so its a tough call.

Hmmm, right now 57% of beyonders are worth over a mil... funny to see so many 15 year old civics and accords around here.

[Jason Lange]

100,000-499,999 and even if I had a 100mil I don't think I would stop working...

[ashee]

Minimal.... haha

[Maddog55]

The question arose the other day as I was doing some work for a contractor. He's a real laid back guy and you'd never guess it by looking at him, but I found out he owns about 20 houses, his own house looks rather normal but is valued at about a mil (and I'm pretty sure its free and clear), plus there's a family biz in the background that's worth some money. I estimate he's at least a couple mil net worth.

Now if I had over a million dollars and was mortgage free...the last thing I'd be doing is breaking my back 6 days a week doing what I do. I'd probably do SOMETHING...but it would be hobbyish...carpentry etc, build poker tables (lol) hell, even become a full time coach of minor league sports....

So I was just curious about what others feel is "enough"....thats all

[Jlude]

Originally posted by 78si
Another beyond pissing contest

Forbes just released a new list... world's richest car forums... No surprise Beyond.ca beat out all ferrari/lambo forums with having over 65% of it's members being millionaires below the age of 25!

[Rat Fink]

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[Kloubek]

When I moved to Calgary 5 years ago, I had a NEGATIVE net worth. No RRSPs, no equity in my home - only a 1990 Eagle Talon and a student loan worth around double that.

Now, 5 years later - thanks to a few investments and the real estate market, I'm sitting at around 300k. But honestly, my life has not changed a whole lot. I'm still paying the remainder on my mortgage, and I own a couple of cars outright, but it doesn't seem to have made a HUGE difference. I still pay more than 50% of what I make in housing costs, etc.

Could I live off this 300k? Only if I planned to move overseas to a 3rd world country. So I'm sure I'll be working till I retire - or win the lottery. I started RRSPs a while back, and was getting excellent returns. Recent happenings excluded (cuz the markets all suck right now), I should be worth around 1.4M when I retire. And finally, THAT is enough to live on; especially overseas.

[Maddog55]

Originally posted by Rat Fink
I wonder how many people are truthfully answering the 1 million + vote.

Being 30K into a 250K mortgage on a house worth 350K doesn't mean you have 350K added to your net worth.... or the 80K pickup that's now worth 35K doesn't mean you add 80K onto your net worth. haha.

I smell BS...and laid down thick. If over half of you are truly millionaires....I bow down humbly. haha.

I dunno, is my definition off? My definition of someone with a net worth of a million would have a million bucks if they sold everything right this moment, and after getting rid of all debt..... so being 30K into payments on a 350K house would mean you only have a net worth of 30K....

Yeah I was thinking those same thoughts, RatFink...

I was assuming anyone that HAS a net worth would know the difference....but I'm probably assuming too much eh? LOL

Net worth: Sell everything you own, add that to all your money....rrsp's/gic's/savings...pay off ALL debts (CC's/loans/mortgages/taxes etc) Then see whats left over.

If you don't own a house you're net worth is gonna be irrelevant to this discussion.

[A790]

I have no real assets. Both of my cars are paid for, I have a good-sized savings account, and a few investments that are in the low five-figures. Nothing really serious.

I also have no debt. None- not even a CC. Every dollar that I make adds to my networth, so at the end of the year my networth should be much higher than it is now.

[Rat Fink]

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[A790]

Originally posted by Rat Fink
I don't own a house currently....but I have approx 150K in cash at the moment if I clear my investments. Taking some big risks...my bankroll is drastically changing from week to week. See where I'm at later this year.....or even next week. haha.

I'd say right now my net worth would be about 150K. My current assets are pretty much cancelled out by my student loans leaving what's left in my trading account to add to my name.

I feel you. There is no certainty at all in my industry, but those that make it make it BIG. The problem with the internet is that things change quite quickly, and suddenly your income is gone. Because of that I'm saving 50% of what I make, which right now is allowing me to save A LOT of money.

Ideally, at the end of the year, I'll be worth $200,000 or more, but then again, we'll see if I'm able to last that long doing what I'm doing now :P

[Maddog55]

Originally posted by Kloubek
When I moved to Calgary 5 years ago, I had a NEGATIVE net worth. No RRSPs, no equity in my home - only a 1990 Eagle Talon and a student loan worth around double that.

Now, 5 years later - thanks to a few investments and the real estate market, I'm sitting at around 300k. But honestly, my life has not changed a whole lot. I'm still paying the remainder on my mortgage, and I own a couple of cars outright, but it doesn't seem to have made a HUGE difference. I still pay more than 50% of what I make in housing costs, etc.

Could I live off this 300k? Only if I planned to move overseas to a 3rd world country. So I'm sure I'll be working till I retire - or win the lottery. I started RRSPs a while back, and was getting excellent returns. Recent happenings excluded (cuz the markets all suck right now), I should be worth around 1.4M when I retire. And finally, THAT is enough to live on; especially overseas.

Hats off to you Kloubek..I like hearing stories like that. Mine is similar.

I went bankrupt in BC back in '95. I moved to Calgary in 2001 with nothing but a paycheck and a 95 Windstar Van. And same as you, through basically the good luck of the real estate (plus booming construction for my biz) I've managed to get up to just around 500. (yes, AFTER both my mortgages and all debts paid) But not enought to quit....YET.

And like you, I find I'm even working MORE than I did back then. My plan would be to move back to the BC interior, and buy a decent house on small acreage for around $500k. Have the basic toys (RV and a couple of quads) and I'd be set. I figure another $500 and that would do me. ($50k a year in return roughly) Do piddly little jobs here and there...no more rat race!

Somehow though I'm thinking the next 500k is gonna be a lot tougher to get than the first

[Tik-Tok]

If I were to sell EVERYthing I own, right now, I'd probably be worth $250g +or-

[88jbody]

about $5000, just recovering from a bankruptcy

[Tik-Tok]

Originally posted by Maddog55

Somehow though I'm thinking the next 500k is gonna be a lot tougher to get than the first

Sell it all

Go to Vegas

Put it all on Black.

Easy as that

[A790]

Originally posted by Tik-Tok


Sell it all

Go to Vegas

Put it all on Black.

Easy as that

Yea, unless red spins up.

[Maddog55]

Originally posted by 88jbody
about $5000, just recovering from a bankruptcy

ouch 88...I feel your pain. Hang in there, once its cleared you'll feel awesome. Hope you have a good trustee.

[Tik-Tok]

Originally posted by A790

Yea, unless red spins up.

Red? WtH! No one told me I had to compete against red! There goes my plans of being a millionaire.